As the demand for cross-border payment solutions continues to grow, TerraPay has forged ties with Maya, a digital bank and consumer finance app, in the Philippines that offers merchant acquiring and payments processing services among others.
Announcing the deal at an event in Singapore, the firms said the collaboration is aiming to make international remittances more accessible, convenient, and secure for Filipinos globally.
The partnership will enable users of the Maya app to access more seamless money transfers from Korea, the USA, Singapore, and the Middle East through TerraPay’s broad network.
Ani Sane, Co-founder and Chief Business Officer of TerraPay, said, “This partnership aligns perfectly with TerraPay’s mission of driving financial inclusion and revolutionising global borderless payments. By teaming up with Maya, we can serve customers in the Philippines with innovative solutions, empowering them with fast and affordable cross-border payment options. We remain committed to making digital transactions more secure and faster for remitters and customers in the Philippines.”
Khurram Malik, Chief Operating Officer of Maya, added: “Cross-border payments are integral to the increasingly global Filipinos with family or virtual work opportunities overseas. By leveraging the seamlessness of the Maya app, we are making it easier for them to receive money, save, and spend smartly.”
TerraPay and Maya are driven by a shared vision of creating an inclusive ecosystem powered by superior customer experience. By leveraging TerraPay’s secure and adaptable payments technology, Maya is expanding its thriving network of customers, promoting global financial interoperability and inclusivity, while opening new channels for customers to access convenient and safe payment solutions across borders.
The Philippines ranked among the top 5 countries for remittances in 2022, witnessing a staggering remittance inflow of USD 38 billion. Additionally, the transaction value in the digital remittances market is projected to reach USD 1.12 billion in 2023 underscoring the significance of the latest collaboration.
Among a host of new partnerships this year, TerraPay recently teamed up with Nequi on global remittances for Colombians while it also collaborated with Magnati to expand payment options for African wallet holders in the UAE.